|By PR Newswire||
|February 6, 2014 07:19 PM EST||
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange.
GRAND CAYMAN, Cayman Islands, Feb. 6, 2014 /CNW/ - Caribbean Utilities Company, Ltd. (TSX:CUP.U) ("CUC" or "the Company") announced today its unaudited results for the Fourth Quarter ended December 31, 2013 (all figures in United States dollars).
Net earnings for the three months ended December 31, 2013 ("Fourth Quarter 2013") were $5.8 million, a $1.7 million increase when compared to $4.1 million for the three months ended December 31, 2012 ("Fourth Quarter 2012"). A 6% increase in kilowatt ("kWh") sales, lower operating expenditure and higher other income contributed to the Fourth Quarter increase in net earnings. These items were partially offset by higher finance charges for the Fourth Quarter 2013 when compared to the Fourth Quarter 2012.
After the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for the Fourth Quarter 2013 were $5.2 million, or $0.18 per Class A Ordinary Share, as compared to $3.5 million, or $0.12 per Class A Ordinary Share for the Fourth Quarter 2012.
Net earnings for the twelve months ended December 31, 2013 were $20.4 million. This represents a $2.7 million increase from net earnings of $17.7 million for the twelve months ended December 31, 2012. This increase is attributable to a 1% increase in kWh sales, base rate increases effective June 1, 2012 and June 1, 2013 respectively, lower general and administration and maintenance costs and increased other income. These items were partially offset by higher depreciation costs for the twelve months ended December 31, 2013 when compared to the twelve months ended December 31, 2012.
After the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for the twelve months ended December 31, 2013 were $19.5 million, or $0.68 per Class A Ordinary Share, as compared to $16.8 million, or $0.58 per Class A Ordinary Share for the twelve months ended December 31, 2012.
For the Fourth Quarter 2013, kWh sales were 140.3 million compared to 132.4 million for the Fourth Quarter 2012. Sales were driven by warmer weather conditions which impacted customer air conditioning usage. The average monthly temperature for the Fourth Quarter 2013 was 2.7 degrees Fahrenheit higher than the average monthly temperature experienced during the Fourth Quarter 2012.
Electricity sales revenue increased $1.3 million in the Fourth Quarter 2013 to $18.1 million when compared to electricity sales revenues of $16.8 million for the Fourth Quarter 2012. This increase is due to a 6% increase in kWh sales and the 1.8% base rate increase which took effect June 1st, 2013.
For the twelve months ended December 31, 2013 kWh sales were 555.7 million kWh, an increase of 7.9 million kWh when compared to 547.8 million for the year ended December 31, 2012. Sales were positively impacted by a 1% growth in customer numbers and warmer weather conditions that affected customer air conditioning use. The average monthly temperature for 2013 was 82.2 degrees Fahrenheit compared to 81.9 degrees for 2012.
Electricity sales revenue increased $2.0 million in the year ended December 31, 2013 to $71.1 million when compared to electricity sales revenues of $69.1 million for the year ended December 31, 2012. The increase in electricity sales revenues for the year ended December 31, 2013 was due to a 1% increase in total customers, a 1% increase in kWh sales and the 0.7% and 1.8% base rate increases effective June 1st 2012 and June 1st 2013 respectively.
Total customers as at December 31, 2013 were 27,364, an increase of 1% compared to 27,035 customers as at December 31, 2012. The Company connected 188 customers for the three- month period ended December 31, 2013. These connections comprised of 159 residential customers and 29 commercial customers.
In December 2013, the Electricity Regulatory Authority ("ERA") approved the Company's 2014-2018 Capital Investment Plan (CIP) in the amount of $143 million for non-generation expansion costs. During this period of continued low growth, CIP initiatives focus on improving reliability of service and operational efficiencies. Generation expansion projects are subject to competitive bid.
In October 2013 the Company issued a Certificate of Need ("CON") for new generating capacity. This action was driven primarily by the upcoming retirements of some of the Company's generating units which will begin in 2014. The CON listed a requirement of 36 megawatts (MW) of generating capacity, with 18 MW to be operational no later than April 2016 and the remaining 18 MW to be operational no later than May 2016.
In November 2013, the ERA issued a solicitation for Statements of Qualifications from prospective bidders. The deadline for submissions was December 20, 2013 and the ERA has since announced the listing of qualified bidders and issued a request for proposals.
During the period under review the Company resumed the roll out of new meters as part of the Advanced Metering Infrastructure project. Following the installation of the first 7,000 meters, further installation was delayed to allow for manufacturer software and hardware upgrades. This project will bring efficiencies in the meter reading and services such as performing disconnects and reconnects directly from CUC's offices, providing real-time electricity consumption information and a 'pay as you go' payment option to assist consumers with the monitoring and controlling of their electricity consumption. The project should be substantially completed by the end of 2014.
Richard Hew, President and Chief Executive Officer of the Company, stated, "The Fourth Quarter 2013 yielded overall positive results in sales, earnings and other developments with the announcement of the companies which were selected to develop large scale renewables, and the start of the competitive solicitation process for firm generation. Large scale renewables, combined with the replacement of older diesel generators by more efficient and firm generation, will bring price, reliability and environmental benefits to consumers."
During the Fourth Quarter 2013, two Renewable Energy developers were chosen to provide large scale renewable energy to the CUC grid. This process is subject to approval by the ERA of the negotiated final Power Purchase Agreements. New Generation Power ("NGP") has proposed to provide 3 MW of wind generation and 5 MW of solar generation and International Electric Power LLC (IEP) has proposed to provide an additional 5 MW of solar power. It is estimated that the projects will be completed in 2015, barring regulatory or other delays.
CUC's Fourth Quarter Report for the period ended December 31, 2013 is attached to this release. This report contains a detailed discussion of CUC's unaudited fourth quarter financial results, the Cayman Islands economy, liquidity and capital resources, capital expenditures and the business risks facing the Company. The release and Fourth Quarter Report can be accessed at www.cuc-cayman.com (Investor Relations/Press Releases) and at www.sedar.com.
CUC provides electricity to Grand Cayman, Cayman Islands, under an Electricity Generation Licence expiring in 2029 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuc-cayman.com.
Certain statements in the MD&A, other than statements of historical
fact, are forward-looking statements concerning anticipated future
events, results, circumstances, performance or expectations with
respect to the Company and its operations, including its strategy and
financial performance and condition. Forward looking statements include
statements that are predictive in nature, depend upon future events or
conditions, or include words such as "expects", "anticipates", "plan",
"believes", "estimates", "intends", "targets", "projects", "forecasts",
"schedule", or negative versions thereof and other similar expressions,
or future or conditional verbs such as "may", "will", "should", "would"
and "could". Forward looking statements are based on underlying
assumptions and management's beliefs, estimates and opinions, and are
subject to inherent risks and uncertainties surrounding future
expectations generally that may cause actual results to vary from
plans, targets and estimates. Some of the important risks and
uncertainties that could affect forward looking statements are
described in the MD&A in the section labeled "Business Risks" and
include but are not limited to operational, general economic, market
and business conditions, regulatory developments and weather. CUC
cautions readers that actual results may vary significantly from those
expected should certain risks or uncertainties materialize, or should
underlying assumptions prove incorrect. Forward-looking statements are
provided for the purpose of providing information about management's
current expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise except as required by law.
SOURCE Caribbean Utilities Company, Ltd.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Jul. 3, 2015 08:00 PM EDT Reads: 750
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Jul. 3, 2015 07:15 PM EDT Reads: 664
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Jul. 3, 2015 07:00 PM EDT Reads: 806
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes. In his session at DevOps Summit, Michael Demmer, VP of Engineering at Jut, will discuss how this can...
Jul. 3, 2015 07:00 PM EDT Reads: 920
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 3, 2015 06:30 PM EDT Reads: 1,283
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Jul. 3, 2015 05:30 PM EDT Reads: 632
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 3, 2015 05:00 PM EDT Reads: 952
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Jul. 3, 2015 04:45 PM EDT Reads: 873
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Jul. 3, 2015 04:15 PM EDT Reads: 765
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 3, 2015 02:45 PM EDT Reads: 838
The most often asked question post-DevOps introduction is: “How do I get started?” There’s plenty of information on why DevOps is valid and important, but many managers still struggle with simple basics for how to initiate a DevOps program in their business. They struggle with issues related to current organizational inertia, the lack of experience on Continuous Integration/Delivery, understanding where DevOps will affect revenue and budget, etc. In their session at DevOps Summit, JP Morgenthal...
Jul. 3, 2015 02:45 PM EDT Reads: 923
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jul. 3, 2015 02:00 PM EDT Reads: 2,188
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Jul. 3, 2015 02:00 PM EDT Reads: 2,150
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Jul. 3, 2015 01:30 PM EDT Reads: 1,174
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
Jul. 3, 2015 12:30 PM EDT Reads: 1,409